BAJAJ FINSERV DIRECT LIMITED

It is important to consider if the EMI of your housing loan of ₹1 Crore fits your budget. Multiple factors affect the instalments you are liable to pay. Tenure is one of the most important factors that impact your EMIs. Knowing all the details before applying can help you plan wisely.

For example:

Taking a home loan of ₹1 Crore at an interest rate of 7.99% per annum for a tenure of 10 years, your monthly EMI will be approximately ₹1,21,275. Over the loan period, the total interest payable would be around ₹45.52 Lakhs.

This means the total repayment amount, including both principal and interest, is ₹1.45 Crores.

₹1 Crore Home Loan EMI for Different Tenures

The EMI for a ₹1 Crore home loan varies based on the loan tenure. Check the table below to see approximate EMI amounts for tenures ranging from 10 to 30 years at an interest rate of 8.85% p.a.

Tenure

Loan Amount

Interest Rate

EMI Amount

5 Years

₹1 Crore

8.85% p.a.

₹2,06,856

10 Years

₹1 Crore

8.85% p.a.

₹1,25,865

15 Years

₹1 Crore

8.85% p.a.

₹1,00,536

20 Years

₹1 Crore

8.85% p.a.

₹89,010

25 Years

₹1 Crore

8.85% p.a.

₹82,895

30 Years

₹1 Crore

8.85% p.a.

₹79,385

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹1 Crore Home Loan: EMI & Interest Payable for Various Tenures

The EMI and total interest payable on a ₹1 Crore home loan vary based on the selected tenure. Opting for a shorter tenure leads to higher EMIs but reduces the overall interest paid, while a longer tenure lowers the EMI but increases the total interest over time.

At an interest rate of 8.85% per annum, the EMI will differ depending on whether the loan term is 5, 10, 15 years, etc.:

₹1 Crore Home Loan EMI for 5 Years

Here is a breakdown of the EMI payable, total interest charges, etc., for a tenure of 5 years:

Loan Amount

₹1 Crore

Interest Rate

8.85% p.a.

Tenure

5 Years

Total EMI Payable

₹2,06,856

Total Interest Rate Payable

₹24,11,379

Total Amount Payable

₹1,24,11,379

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹1 Crore Home Loan EMI for 10 Years

Here is a breakdown of the EMI payable and other details for a tenure of 10 years:

Loan Amount

₹1 Crore

Interest Rate

8.85% p.a.

Tenure

10 Years

Total EMI Payable

₹1,25,865

Total Interest Rate Payable

₹51,03,849

Total Amount Payable

₹1,51,03,849

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹1 Crore Home Loan EMI for 15 Years

Here are the details of the total interest charges and total payable amount for a ₹1 Crore home loan EMI for 15 years:

Loan Amount

₹1 Crore

Interest Rate

8.85% p.a.

Tenure

15 Years

Total EMI Payable

₹1,00,536

Total Interest Rate Payable

₹80,96,531

Total Amount Payable

₹1,80,96,531

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹1 Crore Home Loan EMI for 20 Years

The following table provides the total interest charges and total payable amount for a ₹20 Lakh home loan EMI for 20 years:

Loan Amount

₹1 Crore

Interest Rate

8.85% p.a.

Tenure

20 Years

Total EMI Payable

₹89,010

Total Interest Rate Payable

₹1,13,62,438

Total Amount Payable

₹2,13,62,438

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹1 Crore Home Loan EMI for 25 Years

Here is an overview of the total interest charges and total payable amount for a ₹1 Crore home loan EMI for 25 years:

Loan Amount

₹1 Crore

Interest Rate

8.85% p.a.

Tenure

25 Years

Total EMI Payable

₹82,894.86

Total Interest Rate Payable

₹1,48,68,457

Total Amount Payable

₹2,48,68,457

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹1 Crore Home Loan EMI for 30 Years

Here are the repayment details for a ₹1 Crore home loan EMI for 30 years:

Loan Amount

₹1 Crore

Interest Rate

8.85% p.a.

Tenure

30 Years

Total EMI Payable

₹79,385.33

Total Interest Rate Payable

₹1,85,78,720

Total Amount Payable

₹2,85,78,720

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

How To Calculate Home Loan EMI for ₹1 Crore

You can calculate your Home Loan EMI using the given formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Where:

  • P = Loan amount

  • R = Monthly interest rate (Annual interest rate ÷ 12 ÷ 100)

  • N = Loan tenure in months

For example, when you borrow ₹1 Crore on Bajaj Markets at an annual interest rate of 8.50% for 240 months, your EMI comes to approximately ₹86,782. You have to pay a total interest of ₹1,08,27,758, bringing the overall repayment amount to ₹2,08,27,758.

Instead of performing manual calculations for monthly EMIs, use our house loan EMI calculator online to save time and quickly compare results for different values.

Interest Rates Offered by Different Lenders

On Bajaj Markets, easily compare top lenders and their loan terms. Below is a table showing the estimated EMI and total interest payable for a ₹1 Crore home loan with a tenure of 10 years. It is calculated according to each lender’s interest rate:

Lender

Interest Rate 

EMI Payable

Total Interest Payable

Bajaj Housing Finance Limited 

7.49% p.a.

₹1,21,275

₹45,52,971

PNB Housing Finance 

8.50% p.a.

₹1,23,986

₹48,78,283

ICICI Bank

9.00% p.a.

₹1,26,676

₹52,01,093

LIC Housing Finance

8.65% p.a.

₹1,24,789

₹49,74,724

Truhome Finance

11.50% p.a.

₹1,40,595

₹68,71,453

L&T Finance

8.60% p.a.

₹1,24,521

₹49,42,539

Sammaan Capital

8.75% p.a.

₹1,25,327

₹50,39,210

South Indian Bank

8.50% p.a.

₹1,23,986

₹48,78,283

Disclaimer: These rates are subject to change at the lender’s discretion.

Home Loan EMI on Different Amounts

Frequently Asked Questions

What is the eligibility for a ₹1 Crore home loan?

Here are the eligibility criteria for a ₹1 Crore home loan:

  • The applicant should be an Indian citizen

  • If the applicant is self-employed, the age should range from 23 to 70 years

  • If the applicant is salaried, the age should range from 23 to 67 years

  • The salaried applicants should have at least 3 years of job experience

  • The self-employed applicant’s business vintage should be at least 5 years

What documents are required for a ₹1 Crore house loan?

Documents Required for a ₹1 Crore house loan include:

  • ID Proof: PAN, Aadhaar, Voter ID, or Driving Licence

  • Address Proof: Utility bill, Aadhaar, or Passport

  • For Salaried: Last 3 salary slips, Form 16, 2 years’ ITR

  • For Self-employed: 2 years’ ITR, audited balance sheet, and business proof

What is the interest rate range for a ₹1 Crore home loan in India?

The interest rate for a ₹1 Crore home loan on Bajaj Markets starts at 7.45% per annum. It may vary depending on the lender’s policies, your credit score, income, and the tenure you choose.

What is the tenure range available for a ₹1 Crore home loan?

On Bajaj Markets, you can opt for a repayment tenure of up to 32 years for a ₹1 Crore home loan.

Can I get a ₹1 Crore home loan with a low credit score?

Getting a ₹1 Crore home loan with a low credit score is difficult. Lenders usually require a strong credit history and high credit score to approve such a large amount. A low score may lead to rejection or higher interest rates, stricter terms, or a lower sanctioned amount.

What happens if I miss an EMI payment on my ₹1 Crore home loan?

You can face serious financial consequences from missing a home loan EMI of ₹1 Crore. Doing so can not only impact your present financial situation but also your financial opportunities in the future.

Can I get a joint home loan for ₹1 Crore?

Yes, you can get a joint home loan for ₹1 Crore by applying with a co-borrower, like your spouse, parents, siblings, etc.

What is the minimum salary required for a ₹1 Crore home loan?

Here, all you need to do is calculate the EMI payable and see if it fits your budget.

For instance, for a home loan of ₹1 Crore with a tenure of 30 years, at an interest rate of 8.85% p.a, the EMI will be ₹79,385.33. Considering that the ideal debt-to-income ratio is 50%, the minimum income required would be at least ₹1.6 Lakhs per month.

How to apply for a ₹1 Crore home loan?

Here is how you can apply for a ₹1 Crore home loan on Bajaj Markets:

  1. Click on the ‘Check Offers’ button on this page

  2. Provide your basic personal details on the online application form

  3. Enter the loan amount and preferred repayment tenure

  4. Submit the form for verification
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